Petropavlovsk Inks Forward Gold Sales Pact With Gazprombank

27th Mar 2018 10:10

LONDON (Alliance News) - Petropavlovsk PLC said Tuesday it has signed a forward gold sales agreement with Russian state owned bank Gazprombank, giving greater flexibility to working capital needs of the company.

The gold sales agreement is for a total volume of 96,000 gold ounces and for advance payment for up to 12 months, the company added. Advances will be settled using proceeds at the prevailing gold price at the date of the shipment.

"This forward gold sales agreement with Gazprombank provides greater flexibility in managing the working capital of the group," Petropavlovsk Chief Financial Officer Andrey Maruta said.

Shares in the gold miner were trading 1.3% higher at 7.24 pence.

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